AgroTrak Inc. Derives its pesticide detector technologies from the Industrial Technology Research Institute (ITRI), a quasi Taiwan Government organization in an Open Lab arrangement where AgroTrak further develops the technology for commercialization.
ITRI’s Smart Microsystems Technology Center introduced the world’s first easy-to-use pesticide detector in a project supported by Taiwan’s Ministry of Economic Affairs.
The inspiration for the device came from optical detection methods commonly used in biomedical research, and researchers decided to see what happened if the process was applied to food.
Relying on the unique wavelength absorption pattern of different chemicals, the device performs spectral analysis to get the water-soluble chemicals to reveal themselves.
The handheld pesticide residue detector is a portable device to determine whether pesticide residues are within a safe range when washing fruits or vegetables.
It can detect eight washable pesticides from the top 10 pesticide ranking lists in the U.S. and China, and can also detect fat-soluble pesticides up to a 0.5 ppm detection limit, the ITRI said.
Compared to conventional laboratory detection techniques, ITRI’s detector requires no pre-processing and delivers an immediate result, making a breakthrough in pesticide detection for consumer use, the institute said.
The annual CES Innovation Awards program honors outstanding product designs and engineering in brand-new consumer technology products.
Honorees are those whose products scored highly across all judging criteria, including engineering, aesthetic, and design qualities, user value, positive impact the quality of life, and competitiveness in the marketplace. AgroTrak is integrating the solution onto their platform and will be performing a Beta on perishable shipments to Asia from January 2020
Agrotrak Awarded Finalist in the Walmart Food Safety Innovation Pipeline.
Walmart held its third Food Safety Innovation Pipeline in Shenzhen China on September 24th 2019. A total of 150 participants, including senior executives from Walmart China, representatives from Starbucks, McDonalds and Cargill, members of the Walmart Food Safety Innovation Council and Walmart Executives participating remotely from global locations, finalists, industry leaders in food and retail and media representatives attended the event.
Projects were judged based on innovation, market readiness, and whether they can increase transparency in the supply chain to improve food safety from farm to table.
Out of the sixty-five teams, Agrotrak was awarded as one of the top finalists!
Round 3 of the Innovation Pipeline focuses on supply chain insights that advance transparency and improve food safety from farm to fork. Since the WFSCC launched the request for proposals on May 30, 2019, the Innovation Pipeline received 64 proposals from domestic and overseas companies and organizations, a significant increase from previous rounds. Applicants presented a variety of solutions from across the supply chain, from AI-assisted supply chain management to next-generation cold chain logistics, to rapid testing and agricultural data platforms. cold chain temperature control, sustainable packaging, product traceability, and rapid testing.
Out of the sixty-five teams, Agrotrak was awarded as one of the top finalists! The Agrotrak platform ensures quality and transparency from farm to table through real-time tamper-proof monitoring & tracking. At the farm, LoRa sensors scan for pesticides, irrigation and fertilizer efficiency. Agrotrak’s Foodstems E-commerce marketplace, with its blockchain integration, allows for greater transparency and collaboration through cooperative purchasing. Agrotrak’s air container utilization algorithm automatically fills the container based on dimensions to maximize the utility of the space. LoRa IoT sensors track shipment data on Agrotrak’s blockchain-enabled ERP while recording the hash of the data on a blockchain for complete transparency. The last and most important stage is when the consumer scans our custom QR code on each product to check the product’s birth certificate that includes the origin details.
“The food supply chain is a complex system where a mistake anywhere can jeopardize the safety of the whole. We hope to reduce such risks by exploring new technologies in food production, logistics, retail, and last-mile delivery. Through technology, we can digitally shrink the distance between nodes of the supply chain, advance transparency, and empower consumers,” said Will Watts, senior director of the WFSCC.”
“Bringing an Old World tradition into the cutting edge world of blockchain”
Wine is an icon of sophistication and taste that has stood the test of time, appearing throughout history universally representing luxury, elegance, class and indulgence. Yet, as it remains fervently sought after by consumers and collectors alike, wine traceability and the industry as a whole suffers from one of the most inefficient markets and antiquated distribution models in the world.
Wine futures, or En primeur as it is natively known in France where it was pioneered, is a method of purchasing wines early while it is still fermenting in the barrel. The idea is to allow consumers and investors the opportunity to invest in fine wine at a fraction of a price before the wine is bottled. Payment and contracts are completed at an early stage, a year or 18 months prior to the public official release of the finished wine. You might think, what would be the benefit of buying wine en primeur?
Apart from ensuring that the cost of the wines may be considerably cheaper during the en primeur period, the benefits of purchasing wine futures are also in securing wines quantities, especially rare wines that are produced from renowned wineries in limited quantities. The wines most commonly offered en primeur are often famously from Bordeaux and Burgundy in France, although other regions in emerging wine markets are also adopting this practice.
The process is as follows:
In the spring after harvest, merchants and trade organisations will taste barrel samples of wine that are usually only 6–8 months old. Industry leaders and wine experts taste wine samples and provide a preliminary wine rating based on an expected future quality, once the wine has had time to mature and is released for public consumption. This is an entirely democratic system and an open market, so the price is directly correlated by the market and the movements of buyers and sellers.
Once the wine producer has completed the maturing phase of the wine, the owners will be notified that wines are ready for delivery — whereby consumers can choose to either consume or store their bottles. The usual practice for wine bought en primeur is to place them into storage holding or cellaring services.
As with any investment, there’s an element of speculation with purchasing wine futures. Those who invest in wine futures do so to secure high-quality wines at the best prices, but there is no guarantee that the value of these wines will increase or appreciate upon maturity. During the en primeur purchasing period, the profit margin made by wine merchants is minimal, but it does provide for a faster recuperation of costs and capital that can be redistributed towards new projects or other expenses.
Blockchain and the Wine Industry
The utilisation of blockchain technology works to tackle the inefficiencies inherent within the wine industry’s distribution model by enabling consumers to connect directly with wineries. Advanced packaging technologies also have a role to play, including emerging technologies that detect tampering, continually monitor environmental conditions such as temperature and humidity, and chemical sensors to assess food quality. In addition to wine, another example is harvesting and shipping oysters, abalone and salmon from Australia to Asia within 48 hours — an unbroken cold-chain is essential to the product.
Maintaining tight control throughout the distribution network is crucial to secure the value and quality of these wines, which is then reflected in the prices offered as a future. Wine suppliers need to find creative solutions to solve these problems and to find ways to connect and meet the thirst and demand of the ever-growing global middle class from emerging countries. However, these opportunities also present their own threats, such as the explosion of counterfeiters and black market sellers, a serious issue which can be alleviated if not eliminated by blockchain.
Utilisation of blockchain in the wine futures market would allow for the democratisation of a traditional system of trade only taking place between exclusive wineries and bespoke investors. Blockchain implementation would allow for a greater connection of smaller, less established wineries directly with consumers, encouraging increased involvement in the winemaking experience, and allowing for a deeper sense of trust and inclusivity between producer and buyer.
The removal of long-established barriers of communication can lead to a point where producers can have direct contact with any customer and can answer real-time questions regarding the condition, location, weather, et al of the wine future contract in question, while the actual wine is aging in a cellar. A system like this lets us drill down even deeper in the data where even the geology, local weather, data and time of picking takes place of the harvest is all available to discerning parties. This is priceless information can be sent out to clients and futures traders to provide stronger data guarantees and accuracy about the quality of wines they are dealing with.
Modern consumers want to know more information about everything in relation to the products they are purchasing. Investors have the exact same approach when they are considering to buy-in to an investment-grade wine future. As more intricate data is made available to the market, the greater the trust that is established.
<em”>Authenticity and Provenance</em”>A wine’s provenance (where it came from) is generally difficult to trace once it has been sorted into bottles and purchased or transported into another buyer’s storage. Provenance is easier to attain if the intention is to consume the wine shortly after purchase, but if the primary purpose of the wine purchase is to be stored and treated as an asset to grow in value, then maintaining the wine’s provenance may not be as straightforward, while its importance increases.
Due to global demand that has far outstripped the industry’s ability to meet its needs, quality wines are becoming harder to source and acquire. According to a report published by Morgan Stanley, a global shortage of wine is imminent. Demand is already exceeding supply, and in 2012 the shortfall amounted to nearly 300 million cases. As more markets are opening up, allocations are becoming smaller, which contributes to greater prices.
Forty years of explosive economic growth has made China the second-largest economy in the world and helped create millions of middle-class households. The improvement of living standards comes with a change of lifestyle, and drinking wine has become increasingly popular and an aspirational item for consumption. According to the Research Report on Wine Import in China, Chinese imports of wine were worth $3.91 billion in 2018, up by 6.5% year on year. Additionally, China will become the world’s second-largest wine consumer by 2023 with a market value of $23 billion, according to VINEXPO.
Tackling the issue of wine counterfeiting with Blockchain
This explosive growth hasn’t come without its share of counterfeiters and malicious producers looking to capitalise on this upward trend. Counterfeiters have proved to be rather effective, as the Shanghai Police in November 2017 declared that they had seized 14,000 bottles of counterfeit Penfolds – Australia’s premium wine brand – worth over a million dollars USD. Government officials in He Nan Province have also confiscated and intercepted 50,000 fake bottles, worth over 2.8 million USD.
Wineries and distributors have taken various anti-counterfeiting measures to combat fraudulent sales, but few have proven effective. Be that as it may, even in this modern age many wineries and wine futures brokerage services are using archaic and outdated methods of tracing logistics and certifying the authenticity of produce. Blockchain utilisation in wine futures would look to take advantage of the strengths of blockchain, IoT devices, and mobile devices to keep track of the entire lifecycle of wine from the vine, barrel, distributor, to end users.
With consumer trust shifting from brands to products, brands are challenged not only to manage their performance but to link their efforts and investments to a single product. Trust and legitimacy have traditionally been established through industry certifications and industry-specific approval, which increasingly hold little meaning or value for consumers. This simply is just not good enough any more.
Blockchain technology acts as a perfect trust generator for different types of ecosystems. A blockchain system ensures the authenticity of data enabling trust among stakeholders who previously may be unknown to each other. Any attempt to manipulate products, existing data, or information within the distributed ledger is made impossible.
Studies have found that ex-Chateau auctions, where older vintages are stored and sold directly from the winery to collectors, garner anywhere from 50-100% more in price per bottle than the same wine that was held in a collector’s home cellar. Since much of the world’s wine futures are purchased as a future investment, tracking any given wine’s location, environment, as well as seeing how many different hands it has passed through is of utmost importance.
Buying from other collectors in a secondary market can’t ensure the proper storage and traceability of wine. The integrity of storage documentation becomes speculative at best, as any physical data can be manipulated and changed since only the seller has access to internal logistical information.
With the installation of smart IoT devices and an intelligent barcoding or QR system, the frontier of wine production allows for the tracking of wine at any given stage of production. Every movement of this production process is tracked and recorded on a distributed immutable ledger; from the moment the grapes are picked off the vine, casking conditions, logistatical movement, ownership and even delivery to the end consumer.
<em”>Implementation of IoT Devices</em”>A wine’s unique history affects its value, and the counterfeiting of wine and forgery of documentation is a constant thorn in the pursuit of wine provenance. Market confidence and asset values can be enhanced by digitally storing information about a bottle’s transaction history, including origin, ownership and storage.
This information can be collected, verified and viewed by all market participants, and once this data is on the blockchain it becomes very difficult to change, fake or manipulate. The Internet of Things (IoT) has progressed substantially in the last few years thanks to the continuous advances in many areas such as miniaturisation and connectivity.
AgroTrak’s IoT and Blockchain solution
In close collaboration with our partner Advantech, one of the world’s largest and most renowned manufacturers of industrial computing and IoT solutions based here in Taiwan, we have developed a solution that provides a clear and in depth snapshot into the visibility of monitored crops.
Like any other agricultural crop, grapes need a certain amount of water and sun, and need to be properly fertilised to yield the ideal result. Depending on weather conditions and climate, our IoT devices can sense and trigger the ideal amount of irrigation and fertiliser needed to maximise the yield for crops, as well as assisting winemakers in predicting peak harvest times based on crop readiness.
The advantage of deploying a cluster of IoT devices can result in healthier crop yields, reduce wastage, and have an improvement in overall operational efficiencies and costs. This information is live and available instantly or a can be set to prompt producers at certain levels or intervals.
IoT devices and sensors installed onsite at the wineries can better inform wine producers about their grapes and overall health of their wines whilst they ferment in their barrels. Installing solar-powered sensor platforms, placed throughout each vineyard and are designed to measure a variety of environmental factors, including air humidity and temperature, soil humidity, and solar intensity, are must haves for wine futures markets to guarantee quality and origin.
A further iteration of our solution can allow producers to have access to remote monitoring of the vineyard and the ability to predict how and when to use resources. The sensors can be submerged one to two feet below the ground to monitor soil moisture and can precisely monitor the health and conditions of the vines. IoT devices can be scanned by the distributor to instantly access details such as the name and location of the vineyard, mode of transport of each batch of wine for processing and delivery, and fertilisers used to grow the crops.
Smark Cork technology and fermentation provenance
The introduction of a smart corking system during fermentation process could monitor the structural health, the ullage (mass of wine left in the barrel after taking into account loss from evaporation), room temperature and the level of light inside any given wine cask.
The advantage of this smart cork is that it allows winemakers to monitor, in real-time, the status of each wine cask so that in the event that an anomaly is detected it can be resolved immediately.
Moreover, abnormal parameters such as acidity in the liquid or incorrect environmental conditions can be detected in time before the wine loses any desired attributes, potentially salvaging the entire outcome from ruin. Wineries can now keep a close watch of the conditions of their wines as they are aging, allowing the wine to reach its full future quality and value when reaching maturation.
New levels of accessibility available to investors and consumers can also be achieved as all this information is then made available to the public or within a permissible blockchain, where the conditions of the wine can be made visible to any discerning consumer.
Bottle Tokenization and traceability
The final and most forward leaping idea in the utilisation of wine futures on the blockchain is the tokenization of wine futures. Tokenization allows for trusted and permission-less selling and trading of wine futures on a transparent and secure blockchain. Moreover, registering the released wines on a blockchain lets wine enthusiasts know that the bottles they purchased are authentic. This brings consumers in direct contact with wineries early in the winemaking cycle, and providing greater cash flow for wineries throughout the process.
Each bottle will be uniquely tokenized with its own non-fungible token. A non-fungible token is a special type of cryptographic token which is unique and not interchangeable for other tokens. In this use case, tokens are not interchangeable and each coin is designated to one very specific bottle of wine whose ownership is determined by the owner of the coin. Having a self-executing smart contract capability on the blockchain acts as a decentralised system for agreements between logistics operators, insurance providers, buyers and sellers. This is made possible by the utilisation of the ERC-721 open standard on the Ethereum blockchain and other comparable schemes and systems.
These tokens will also provide a model for collecting supply chain data and a mechanism for automating order inventory, procurement, and other processes. However, tokenization of produce is not just limited to wine. It is transferable and scalable to other industries as well, tokenizing other fresh produce such as fish, meat, eggs, milk, and eggs is in the cards as well — though each item has its unique challenges.
What we are envisioning is a platform to trade futures whether it be a primary market of wineries offering to sell their wines to investors, or a secondary market where consumers and investors are trading between each other. By using smart contracts for cost-effectiveness and increased efficiencies, blockchain can be used to include such data as traceability, authenticity, transparency, trade, origin, and opinion.
Through enabling wineries to easily offer wine futures directly to consumers, wineries can also better forecast the sales of wines and success of vintages, and ask consumers directly for their feedback in efforts to build a community around wine futures in a truly international direct-to-consumer futures program.
In the future, it won’t just be wine investors who will be able to collect and trade their wine futures. The same technology used to tokenize wine can be implemented for other investment class assets, ranging from fine art, jewellery to property deeds and more. These owners will be able to crowd sell their possessions and raise funds for their projects by offering digital tokens for public crowdsale. How these physical assets are handled can be tracked through IoT devices whose readings can be fingerprinted on a blockchain.
Tokenizing the future of wine allows for trusted and permission-less selling and trading of wine futures on a transparent and secure blockchain. Moreover, registering the release of wines on a blockchain ensures the authenticity of purchased bottles. In the past, buyers and suppliers would have to take the word of wineries and producers. Trust was implied that the wines purchased were the genuine article expected. Now, with IoT devices and blockchain, trust is not just implied — it is also guaranteed.
The modern container shipping celebrated its 60th anniversary in 2016. Unfortunately, global shipping has functioned much in the same way since and has not kept pace with globalization and the demands brought upon by rapid changes in technology.
90% of all goods in global trade is carried by the shipping industry, but even in the age of smartphones and self driving cars, manual paper-based systems – such as fax machines – are still the industry standard method to process shipments. Almost 50% of large global companies communicate with their suppliers using email, phone or fax when ordering stock, processing invoices and producing bills of lading.
We all know the conventional method goods get processed and shipped across the globe, which is moving a good from a producer to the seller and ultimately arriving at the end user. We call this process the ‘supply chain’. In actuality, this process is in fact not quite a chain at all. Its procedures may include everything from the extraction of raw materials, manufacture of goods, storing in appropriate packaging, loading to freight on board for shipping and finally delivering to the end customer.
Managing today’s supply chains is extraordinarily complex. Depending on the product, the supply chain can span over hundreds of stages, multiple geographical (international) locations, involve a swathe of invoices and payments, and extend over months at a time.
The conventional supply chain is broken in a myriad of ways. When its was pioneered in the last century, supply chains were relatively simple as business was generally conducted between local suppliers and buyers.
Due to globalization, manufacturing and procurement can be undertaken of abroad in countries such as China and India, and as a result shipments can be met with heavy slow-downs due to friction encountered across the supply chain. Products can move from one country across a border to another, and in many cases the same product may have different names and classifications.
It’s common practice for collaborating companies to keep their own internal inventory management systems, and shipment documents, making it harder to match corresponding information, causing delays and inefficiencies.
Documentation is not centralized and located on one streamlined, easy to access platform. All this data is stored separately and kept in ‘information silos’ that are virtually impossible to access without prior permission given to external users. As a result, synchronicity is difficult to achieve as companies operating across international borders and speak both literally and figuratively different languages.
It can take weeks or months for a payment between a manufacturer and a supplier to be settled. Contractual agreements require the services of lawyers and bankers, each of which adds extra layers of cost and delay. Products and components are often hard to trace back to suppliers, making defects challenging to eliminate. In regards to public health and safety, food that is sold unbeknownst as spoilt or contaminated can’t be quickly traced to its origin.
Consumers have grown more sophisticated in their evaluation of purchases and make many choices that align with their own beliefs and ethics. There is a growing trend for consumers to want more of an influence that their purchasing decisions make. They want to know as much information as they can in regards to the goods they are consuming, including the origins, whether or not chemical fertilizers were used and if the goods are classified as fair-trade.
Traditionally, consumers placed emphasis on price, convenience and taste when making their purchasing decisions, but according to research conducted by Deloitte in 2015, the modern consumer now prioritises health and wellness, food safety, social impact, and experience instead.
Deloitte also found that transparency appeared to be an overarching concern that was shared amongst all consumers, as more thought is given to the production methods used to grow and produce food.
Growing demand in emerging markets such as China has whetted the appetite for pure, locally sourced high quality meats from the United States and Australia. Conversely, where there is high demand and profits to be shared, there is an equal chance to invite underhanded behavior from unscrupulous individuals selling counterfeit, contaminated or falsely labeled goods, just to take advantage of the change in consumer behavior.
Currently in China, PricewaterhouseCoopers (PwC) estimates that 50% of all the meat sold labelled as Australian beef isn’t what it claims to be, and is often a mix of different animals such as pork and duck meat. Additionally, only one in every ten kilograms of meat sold as American or Australian beef is the true-blue article.
How can customers possible know the true origins and value of a product if there is no transparency in its transport and traceability is almost non-existent? There is an increasing demand on growers to demonstrate their sustainability practices, but up until now there was no incentive or reward for them to do so.
To address these challenges, the world needs faster payment networks and easy to access supply chain systems that provide a transparent ledger of transactions, and offer a collective bookkeeping solution for ensuring transparency and trust.
What is Blockchain in Supply Chain
Without getting too bogged down in the technical aspects of what blockchain is, what the focus should be driven towards is what advantages blockchain can provide and how its so suitable to be integrated into supply chain management.
Blockchain technology was developed to achieve one main objective, the need for an efficient, cost-effective, reliable, and secure system for conducting and recording financial transactions.
Blockchain utilized in supply chain management systems aims to revolutionize and revitalize an archaic and chaotic system that has well and truly existed beyond its expiry date. With block chain traceability, a supplier won’t just be able to tell you the origins used to transport your food from farm to plate. The level of detail and application goes far beyond that.
While the most prominent use of blockchain is in cryptocurrency, such as Bitcoin, the reality is that blockchain—essentially a distributed, digital ledger—has many applications and can be used for any exchange, agreements, contracts, tracking and, of course, payment.
The stakes are high, $990 billion is lost in food waste globally each year as a result of poor labeling and mismanagement in processing packaged materials.
During transportation, goods need to be properly refrigerated, packaged and stored. When shipping internationally, goods need to be sorted and approved through the correct agencies before going to market. These agencies can include the European Food Safety Authority (EFSA), U.S Federal and Drug Administration (FDA), and China Food and Safety Law.
Items need to be labelled correctly and are inspected constantly throughout the transportation process, to minimize chances of error.
Simple errors such as spelling mistakes, labels placed on the wrong product, labeling on the wrong side of the product, and unclear translation from one language to another can result in premature spoiling, contamination, consumer illness and in the most extreme of cases, deaths. All of these mistakes are points of friction along the supply chains and can result in a total recall or permanent losses for that product, where the batch of goods can’t be sold or needs to be destroyed.
In a blockchain, every transaction is recorded on sequential blocks that are distributed over many nodes (computers). This essentially means that all data is interconnected where the contents of which can’t be altered without a mass consensus approving the edits. This in turn establishes two of the main proponents of blockchain, immutability and the increased security.
Information such as product certifications can be embedded into the blockchain, negating the need for time wasting inspections when shipments are moved from one point to another along the supply chain.
Ultimately, blockchain can increase the efficiency and transparency of supply chains and greatly improve efficiencies in business systems for everything from warehousing, delivery, and payment. This is how trust is not only established, but ensured through blockchain technology.
A decentralised blockchain provides a tamper-resistant, immutable ledger, which means less room for fraud. A fully digital supply chain system is cost-efficient in the long term.
There are important health and safety reasons for having granular levels of tracking capabilities for perishable goods. According to the US Library of Medicine, food-borne illnesses make thousands sick every year and cost businesses an estimated $90 billion in lost revenues.
Globally, the World Health Organization estimates that tainted food causes 600 million illnesses annually and 420,000 deaths. There have been several high profile cases of food tampering, adulteration and simply selling foods that ate expired or contaminated with disease. A recent Globe-scan survey found that 70% of consumers want to know more about the sustainability of the seafood they eat.
It is also estimated that by 2025, 25% of the world’s top supermarkets will be utilizing blockchain for food safety.
Let’s use a real life use case as an example.
A burger restaurant that trellises blockchain traceability would be able to share with its customers not only what types or how many different cows went into creating your burger patty for dinner, but it can in fact drill down to providing information about which specific cow your meat has come from.
These cows are tagged and have their location, diet and health tracked from birth. This unparalleled level of detail has never been available en mass to consumers before. The immutable nature of blockchains would catalyses greater trust and deliver ease of mind to consumers. This is precisely what organizations like Beef-chain in America and Beef Ledger from Australia are providing. In the event of a product recall, these companies can also see which batches were affected and to which seller they were shipped to.
Since blockchains allow for transfer of funds anywhere in the world without the use of a traditional bank, it’s very convenient for a supply chain that is globalized.
RFID-driven (Radio Frequency Identification) Contract Bids and Execution
RFID tags are commonly used in supply chain to store information about products. IT systems can read the tags automatically and then process them. Implementation in supply chain could be set up to allow for carton or pallet tracking, and logistics partners can create a marketplace where they can bid each other for a delivery contract. The partner offering the best price and service wins the contract. A smart contract is then created, which then tracks status and final delivery performance.
These readings can then be stored on a blockchain and entries on a blockchain are permanent and tamper-proof, if storage conditions deviate from what is agreed, all members across the blockchain will be notified immediately.
A smart contract termination can also be triggered by any given number of situations. Depending on the nature of the anomaly, the contract may be able to be adjusted or cancelled. However, it could also extend to changing “use-by” dates, declaring products unfit, or applying penalties if the storage temperatures drop or if an alien substance is detected. Perishable goods such as food and pharmaceuticals can automatically be listed as unsellable when storage temperatures reach beyond a safety threshold. This would remove any compromised produce that is not fit for safe human consumption before it even hits the shelves and supermarkets.
Despite its many benefits, blockchain faces several difficulties in mass adoption in the supply chain. Blockchain is a new technology and as such lacks the maturity of the legacy systems that are still being utilized today. Companies would have to be willing to test this new technology to evaluate its benefits to justify the initial extensive investments needed.
By its very nature, a distributed ledger requires the collaboration of multiple parties, whether it is to be used for traceability or executing commercial transactions with the help of smart contracts. In an effort to make the supply chain more visible and transparent, we are asking for companies that are historically reticent to sharing delicate logistical and operational information, to do just that.
It will not happen overnight, but as more organizations become aware of the benefits of integrating blockchain into their supply chain, this burgeoning technology has the potential to transform entire ecosystems.
Supply chains are prime examples of blockchain’s potential that could be scalable across multiple industries.
Blockchain is delivering significant value to complex supply chains around the world, eliminating traditional friction points and providing entirely new degrees of transparency and trust.
In the world of tomorrow, trust is not only not required, but it’s also programmable.